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0:00:00 Bitcoin Supporters Hit Back at Gold Advocate Peter Schiff
0:00:04 This update is brought to you by “CoinCheckup News Updates” and was originally published on “BitcoinNews.com”.
0:00:10 As Bitcoin today trades closely against the shore of USD 11,000 after already twice breaching the line on the weekend, Bitcoin advocates have stirred up a social media storm with pro-gold influencer Peter Schiff.
0:00:23 Schiff is the figurehead for the gold proponents, actively trashing Bitcoin and in public interviews, at every chance he gets.
0:00:30 “It doesn’t matter how high the price of Bitcoin rises unless you sell.
0:00:34 Every buyer must eventually sell to realize any benefit from the rise… But therein lies the problem.
0:00:41 Keiser Report host Max Keiser led the backlash against gold backers, who had earlier been indignantly insisting that Bitcoin was still an inferior asset to gold, even on the back of its current rally, which they say can only be temporary.
0:00:54 “Where’s the gratitude, Peter?
0:00:56 Last week, Schiff ran into a rut when trying to disprove Bitcoin’s intrinsic value, an argument he has held from as far back as 2011. “The only demand for Bitcoin comes from speculators,” Schiff said.
0:01:08 The vast majority of gold’s price is monetary premium, just like Bitcoin.
0:01:13 Industrial use does not protect that premium in any way.
0:01:17 The premium is based on suitability as a store of value where Bitcoin excels over even gold.
0:01:23 “The vast majority of gold’s price is monetary premium, just like Bitcoin.
0:01:28 Industrial use does not protect that premium in any way.
0:01:33 BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics.
0:01:37 For more information please read our Editorial Policy here.
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